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Gold futures prices rose Rs 93 or 0.33 per cent to Rs 27,914 per 10 grams today, as speculators created fresh positions on the back of a firming trend overseas and rising demand in the domestic spot market.
Gold may advance for a sixth day, heading for the biggest weekly climb since October, as Europe’s sovereign debt crisis and geopolitical tension in West Asia boosted the demand.
At the Multi Commodity Exchange, gold for delivery in February rose Rs 93 or 0.33 per cent to Rs 27,914 per 10 grams with a business turnover of 5,393 lots. In a similar fashion, the metal for delivery in far-month April gained Rs 83 or 0.29 per cent to Rs 28,245 per 10 grams with a trading volume of 392 lots.
Market analysts attributed the rise in gold futures to a firming trend overseas as Europe’s sovereign debt troubles and geopolitical tension in West Asia boosted the demand for the precious metal as an investment.
In addition, a pick-up in demand at the domestic spot market also supported the upside in gold prices, they said.
Meanwhile, the yellow metal rose 0.3 per cent to $1,627.75 an ounce in Singapore, the highest level since December 21.
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